Subscribe to updates
You'll receive weekly summaries about Lancashire Council every week.
If you have any requests or comments please let us know at community@opencouncil.network. We can also provide custom updates on particular topics across councils.
Pension Fund Committee - Friday, 20 March 2026 - 10.30 am
March 20, 2026 at 10:30 am Pension Fund Committee View on council website Watch video of meeting Read transcript (Professional subscription required)Summary
Open Council Network is an independent organisation. We report on Lancashire and are not the council. About us
The Pension Fund Committee of Lancashire Council met on Friday 20 March 2026 to approve the Lancashire County Pension Fund Strategic Plan for 2026-29 and its associated budget for 2026-27. The committee also approved a revised Funding Strategy Statement and discussed governance matters, including updates on risk management and the implications of the 'Fit for the Future' programme.
Lancashire County Pension Fund Strategic Plan 2026-29 and Budget 2026-27
The committee approved the draft three-year Strategic Plan for the Lancashire County Pension Fund (LCPF) for 2026-29 and its budget for the financial year ending 31 March 2027. The strategic plan outlines objectives across four workstreams: Governance and Finance, Investments, Administration and Employer Risk, and Shareholder responsibilities. The 2026-27 budget reflects a 10.8% reduction on the previous year, driven by lower actuarial work and economies of scale from the expansion of Local Pensions Partnership Investments Limited (LPPI).
Review of Funding Strategy Statement
The committee approved the revised Funding Strategy Statement (FSS) for the LCPF. This statement, reviewed as part of the 2025 actuarial valuation, sets out the policies and assumptions used to determine how employer pension liabilities will be met. Key parameters for employer contribution rates, including a funding buffer of 115% and a recovery period of 20 years, were confirmed. The FSS also incorporates updated policies on new employer admissions, terminations, employer risk, and asset share allocation.
Lancashire County Pension Fund - Governance Matters
The committee received an update on governance and risk management issues for the LCPF. It was confirmed that the Fund is compliant with The Pension Regulator's General Code of Practice. An internal audit of LPPA's pension system automation processes found reasonable control measures, with LPPA agreeing to document its processes and recruit additional staff. The Fund's financial statements for 2024-25 were approved by external auditors, and the Annual Report has been updated accordingly. The committee approved the updated Breaches Policy and noted updates to the Fund's risk register. A new risk associated with preparations for local government reorganisation will be introduced from the next quarter.
Fit for the Future - Governance Arrangements
The committee discussed governance changes arising from the 'Fit for the Future' programme, which aims to reform the Local Government Pension Scheme (LGPS). New regulations, effective from 1 April 2026, will mandate enhanced knowledge and understanding requirements for all involved with the Fund, including substitutes on the Pension Fund Committee. The Head of Fund will formally assume the responsibilities of the Senior LGPS Officer. The committee approved the recruitment of an Independent Advisor with a broader remit covering investments, governance, and administration, and recommended that Full Council amend the committee's terms of reference to reflect a single Independent Investment Adviser role. The first Independent Governance Review (IGR) is scheduled for 2028.
Pension related training, 2025/26 Training Record and Training Plan 2026/27
The committee reviewed the training record for 2025/26 and noted attendance at various internal and external events. Members were encouraged to complete any outstanding online training modules. The Training Plan for 2026/27 was approved, which includes participation in the Hymans Robertson National Knowledge Assessment to ensure compliance with new 'knowledge and understanding' requirements.
Lancashire Local Pension Board Workplan 2026/27
The committee noted the proposed 2026-27 Work Plan for the Lancashire Local Pension Board. The plan outlines the Board's regular activities and those proposed in the 2026-27 Strategic Plan, developed in consultation with the Board's Chair.
Responsible Investments Report
The committee received an update from LPPI on responsible investment activities for Q4 2025. Key highlights included LPPI's successful re-designation as a signatory to the UK Stewardship Code and a significant joint investment with Northern LGPS in UK housing, acquiring over 5,000 homes with plans to expand to 15,000 over the next decade. Discussions also touched upon the importance of social and affordable housing, with the understanding that investment location decisions are made by specialist managers aiming for risk-adjusted returns and UK-wide diversification.
Pension Administration Performance Update
An update was provided on LPPA's administration services for Q4 2025. Overall casework performance exceeded the SLA target at 99.1%. However, employer retirement notifications were down, impacting the timeliness of first pension payments. LPPA has introduced a new online leaver form and is planning to automate active retirement payments. The number of complaints decreased, and customer satisfaction scores remained broadly consistent. The report also detailed progress on the McCloud Remedy and the Pensions Dashboard Programme.
Date of Next Meeting
The committee was informed that, following a Full Council decision, the start time for future committee meetings would be moved from 10:30 am to 10:00 am, effective from 21 May 2026. The next meeting is scheduled for 19 June 2026 at 10:00 am.
Exclusion of Press and Public
The committee resolved to exclude the press and public from the remainder of the meeting to discuss exempt information relating to Local Pensions Partnership Limited shareholder updates, budgets, and investment performance.
Local Pensions Partnership Limited - Shareholder Update, Budget 2026/27 and LPPI/LPPA Business Plans
The committee noted the shareholder update and approved the LPP Group budget for 2026/27, along with the business plans for LPPA and LPPI.
Investment Performance Update Report
The committee noted the updates on investment matters and the performance of the Fund's investments during Q4 2025.
Investment Panel Update
The committee noted the minutes from the Investment Panel meeting held on 11 December 2025.
Independent Investment Advisers - Strategic Objectives Assessment
The committee noted the compliance of the Independent Investment Advisers against their strategic objectives.
Independent Investment Adviser - Contract Extension
The committee approved the 12-month contract extension for Mr D Crum, Independent Investment Adviser, until 31 May 2027, citing the importance of continuity in providing high-quality investment advice.
Delegated decisions linked to this meeting
Decision summaries below are AI-generated from the council’s published record. Check the council source or the full decision page before relying on them.
-
Local Pensions Partnership Limited - Shareholder Update
Recommendations ApprovedLancashire Pension Fund Committee approved recommendations on 20/03/2026. The committee considered and commented on the Local Pensions Partnership Limited Shareholder Update.
-
Pension Administration Performance Update
Recommendations ApprovedThe Pension Fund Committee approved the recommendations regarding pension administration performance. The committee noted that Service Level Agreements have been met. The report covered the period from 1 October 2025 to 31 December 2025.
-
Pension related training, 2025/26 Training Record and Training Plan 2026/27
Recommendations ApprovedThe Pension Fund Committee approved the Training Plan for 2026/27. The committee reviewed the 2025/26 training record and provided feedback. The plan includes online self-learning modules, bespoke workshops, and external training.
-
Review of Funding Strategy Statement
Recommendations ApprovedThe Pension Fund Committee of Lancashire Council approved the revised Funding Strategy Statement on 20 March 2026. The committee agreed to a funding buffer of 115%, a recovery period of 20 years, and specific discount rates for past and future service.
-
Independent Investment Adviser - Contract Extension
Recommendations ApprovedLancashire Pension Fund Committee approved the contract extension for David Crum on 20/03/2026.
-
Lancashire County Pension Fund - Governance matters
Recommendations ApprovedThe Pension Fund Committee approved recommendations regarding governance matters for the Lancashire County Pension Fund on 20 March 2026. The committee approved the Fund's updated Breaches Policy.
-
Lancashire County Pension Fund Strategic Plan 2026-29 and Budget 2026/27
Recommendations ApprovedThe Pension Fund Committee approved the Lancashire County Pension Fund Strategic Plan 2026-29 and the Budget for 2026/27 on 20 March 2026. The committee approved the three-year strategic plan and the one-year budget for the fund. The budget includes £6.9m for pensions administration expenses, £1.9m for oversight and governance expenses, and £119.8m for investment management expenses.
-
Fit for the Future - Governance Arrangements
Recommendations ApprovedThe Lancashire Pension Fund Committee approved recommendations on 20/03/2026. The committee approved rescinding a previous decision to establish an Appointments Sub Committee and approved the recruitment of an Independent Advisor with a wider remit. The committee will amend its Terms of Reference to reduce the number of Independent Investment Advisors from two to one.
-
Lancashire Local Pension Board Workplan 2026/27
Recommendations ApprovedThe Pension Fund Committee approved the Lancashire Local Pension Board Workplan 2026/27 on 20 March 2026. The committee noted the proposed work plan for the upcoming financial year. The work plan includes regular standing items, governance reviews, administration performance reports, and policy reviews.
-
Investment Panel Update
Recommendations ApprovedThe Pension Fund Committee approved recommendations on 20/03/2026. This decision concerned an update on items considered by the Investment Panel.
-
Local Pensions Partnership Limited Budget 2026/27 and LPPI/LPPA Business Plans.
Recommendations ApprovedLancashire Pension Fund Committee approved the Local Pensions Partnership Limited Budget for 2026/27 and LPPL/LPPA Business Plans on 20 March 2026.
-
Independent Investment Advisers - Strategic Objectives Assessment
Recommendations ApprovedThe Pension Fund Committee of Lancashire Council approved recommendations on 20/03/2026. This decision related to the assessment of Independent Investment Advisers' compliance with their strategic objectives.
-
Investment Performance Update Report
Recommendations ApprovedLancashire Pension Fund Committee approved recommendations on 20/03/2026. The decision concerned an update on investment performance, key investment themes, and the macro-economic outlook for the Lancashire County Pension Fund.
-
Responsible Investments Report
Recommendations ApprovedThe Pension Fund Committee of Lancashire Council approved recommendations regarding responsible investments on 20 March 2026. The committee considered a report outlining the work undertaken by the Fund's pooling partner, Local Pensions Partnership Investments Limited (LPPI), on responsible investment aspects. This included approving LPPI's 2024-25 Stewardship Code submission and noting the acquisition of 5,478 homes by LPPI and Northern LGPS.
Attendees
Topics
Meeting Documents
Agenda
Additional Documents